| Coverage Customization |
Standard policy, limited customization |
Highly customizable to fit your needs |
| Broker policies offer customization based on your budget, family needs, and existing policies. TD offers only their pre-set policy, with fewer options for personalization. |
| Premiums |
Fixed premiums, even as mortgage balance decreases |
Flexible premiums that adjust with the mortgage balance |
| TD’s premiums stay the same as your mortgage decreases, meaning you pay more for less coverage. Broker options can have premiums that align better with the actual mortgage balance. |
| Ownership |
TD is the beneficiary |
You can name your own beneficiary |
| With TD’s policy, the bank is the beneficiary, meaning payouts go directly to them. Broker policies allow you to designate your loved ones as beneficiaries for flexibility and peace of mind. |
| Portability |
Not portable; needs reapplication if switching lenders |
Portable, keeps coverage regardless of lender |
| Broker policies are portable, so you can keep the same policy if you move or refinance. TD’s policy requires a new application if you switch lenders, which could mean higher premiums. |